US hemp extractor and refiner Shyne Labs has commenced operations at a new $9 million hemp processing plant in Simpson County, Kentucky.
The new 12,400-sq-ft facility is capable of processing up to 18,000 lb/day of hemp, which is used to produce pure CBD isolate powder, CBD oil, and water-soluble CBD for food and beverage applications.
With over a decade of experience in the cultivation and extraction industry, company leaders founded Shyne Labs in 2019, uprooted from California and relocated to a 12,400-square-foot building in Franklin’s Wilkey North Industrial Park. Operations at its first Kentucky facility began in April.
In an announcement Kentucky Gov. Andy Beshear, commented “Shyne Labs’ decision to locate in Kentucky brings with it important job opportunities for residents of South Central Kentucky,” Gov. Andy Beshear said. “I’m grateful to the company for taking this step forward in these tumultuous times, and I deeply appreciate the investment in our commonwealth.”
Shyne Labs is a fully licensed hemp extraction operation offering a range of extraction and refining services. After beginning in Irwindale, Calif., company leaders now aim to grow Shyne Labs’ presence in the CBD industry with strong roots in Kentucky.
“We want to work with farmers from the local region who need their hemp processed, especially those who plan on growing again this year,” said Jon Miller, Shyne Labs COO and co-owner. “We see this as a long-term opportunity and are looking to build relationships with people in the industry for the foreseeable future. We understand that many in the industry have been misled and disenfranchised by other hemp processing facilities, and we are going to strive to do better. We provide transparency on production, expectations and pricing. The CBD industry is still young and volatile, but we see massive growth happening within the next few years.”
To encourage the investment and job growth in the community, the Kentucky Economic Development Finance Authority (KEDFA) in September preliminarily approved a five-year incentive agreement with the company under the Kentucky Business Investment program. The performance-based agreement can provide up to $250,000 in tax incentives based on the company’s eligible investment of $3.5 million and the meeting of annual targets
“The rise of the hemp industry in Kentucky is one of farming’s great success stories in recent years, so I am certainly happy to welcome Shyne Labs to Franklin and want to thank its leaders for investing so much here and creating these jobs,” Rep. Stone said. “This new operation will give our farmers even more opportunities to benefit from hemp, while making its products more widely available to all Kentuckians.” added State Rep. Wilson Stone.
Source | Kentucky.gov